Using online sources explain (using quotes) the following concepts as they relate to economics, then interpret each
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Question:
Using online sources explain (using quotes) the following concepts as they relate to economics, then interpret each one after the quotation marks
- what is equibrium?
- when does it happen?
- what is equilibrium price (Qp)?
- what is equilibrium quantity (Qe)? what happened to Qs and Qd?
- What is marginal revenue* (MR)?
- (*avoid discussing monopolies for now)
- what is a price ceiling?
- what happens to q and p?
- what is a price floor?
- what happens to q and p?
- how do economists use the terms "surplus" and "shortage" ?
- compare: how do business people view surplus and shortage?
- when does marginal revenue* equal price?
- explain: what does it mean that MR=Price in the long run?
- (*avoid discussing monopolies for now, assume a competitive market)
- what is consumer surplus?
- what is producer surplus?
- what is equibrium?
Related Book For
Introduction To Derivatives And Risk Management
ISBN: 9781305104969
10th Edition
Authors: Don M. Chance, Robert Brooks
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